Business Journal: Home Prices May Keep Dropping
Experts say a rebound in the region’s housing market isn’t likely before 2009.
Wednesday, October 11, 2006
At the Business Journal’s Earlybird Economic Forecast on Wednesday, real estate experts projected that home prices would fall 10 to 15% from their peak before appreciating again in value near the decade’s end. While the downturn hurts specific industries, like furniture stores and title companies, the diverse regional economy would absorb the blow and continue to grow. A real estate analyst from the Gregory Group predicted new home sales this year would come in below 10,000, down from the peak year of 17,000. Today’s 2% rate of job growth is expected to continue through 2007.